Some analysts are forecasting EBITDA of around $670 million for 2010/11, which would imply first half earnings of around $330 million.

Asked if that was in the ball park, Mr McCarthy said: "Yes, well I think if you take high single digits, whether you take seven, eight, nine, whatever in that vicinity I guess that's high single digits, yes, if you take $639 million EBITDA for financial year '10 and add on a high single digit you will come up with a number around that mark."

Fairfax declared a final dividend of 1.4 cents a share, fully franked.

Reported earnings per share was 11.5 cents for fiscal 2010, a turnaround from a loss of 21.6 cents a share in the prior year.

Fairfax Media chairman Roger Corbett said the improvement was primarily due to three factors.

"The management team has made positive progress from our range of media assets on three fronts - building revenue, making the business more cost effective and reducing debt," Mr Corbett said in a statement.

"As a consequence, Fairfax Media is in better shape to consolidate its position as Australia's leading media business."

Mr McCarthy said the company had focused over the past 20 months to position the group's businesses in an evolving media environment and weak advertising markets.

"Our strong and stable management has made our businesses more efficient and improved our brands in print, online and broadcasting," Mr McCarthy said.

"We are also well positioned for growth in the mobile applications area."